PSA Peugeot Citroen

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Description:

PSA Peugeot Citroën (previously Peugeot Société Anonyme) is a Frenchmanufacturer of automobiles and motorcycles sold under the Peugeot and Citroënmarques. Headquartered in the 16th arrondissement of Paris, PSA is the second largest automaker based in Europe and the number six in the world.<!-- the phrase formerly used here, "second largest carmaker in Europe," would suggest that Peugeot Citroën sells the second largest number of vehicles in Europe (however, Renault, Fiat, GM/Opel, and Ford, along with Volkswagen, all outsell Peugeot Citroën in Europe itself; rather, they are merely the second largest carmaker (worldwide) that is based in Europe -->

History

In December 1974 Peugeot S.A. acquired a 38.2% share of Citroën. On 9 April 1976they increased their stake of the then bankrupt company to 89.95%, thus creating the PSA Group (where PSA is short for Peugeot Société Anonyme, later to be changed to PSA Peugeot Citroën). Since Citroën had two successful new designs in the market at this time (the GS and CX) and Peugeot was typically prudent in its own finances, the PSA venture was a financial success from 1976 to 1979. In late 1978, PSA purchased the failing Chrysler Europe from the troubled U.S. parent firm for a nominal USD $1.00, plus assumption of outstanding debt, leading to losses for the consortium from 1980 to 1985.<ref...Read More